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Rental Market Update for January 2011

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Average rents across the UK are edging upwards, but this 'national average' gives a misleading picture. In London rents are up at least by 10% as stock is so tight and tenants are having to compete for properties.

If you are a tenant in London it is vital that you make sure you have prepared all the paperwork such as proof of address, income, any references from employers and have your deposit ready. Don't let the 'rush' push you into making a decision there and then, you still need to get the agreement checked by a legal lettings specialist. Why? there are lots of examples, but one that springs to mind is the chap that thought he was renting a place for three years and only found out after he'd signed that the six month break clause meant they would be homeless a few days before Xmas, six months later!

Outside of London, as with house prices, it's a mixed picture. Some areas, certainly in the Home Counties are hotting up and rents are rising too. Other areas, there are a lot of accidental landlords so rental stock is matching demand. In areas where people are suffering from the government cuts, rents can be slippling backwards.

Kate Faulkner's Rental Advice!
If you are a tenant: Rent something very soon this year or you WILL struggle to find a rental property.
If you are a landlord: Enjoy the extra cash, make sure your portfolio is geared at 75% or less and maintain your property!
If you are a letting agent: Beware! Keep an eye on the competition and market yourself like mad to secure any new instructions.

Headline Statistics from Belvoir Lettings and FindaProperty
Latest December 2010 rental figures from Belvoir who have over 140+ offices across the UK show that in most areas, rents are static or rising, whereas in London and the South East, rents are going up anything between 5-10%.

READ MORE - Rental Market Quarterly Regional Statistics - Q4 2010

Belvoir Lettings' Rental Index January 2011

Key statistics

Jun 10

Jul 10

Aug 10

Sep 10

Oct 10

Nov 10

Dec 10

Jan 11

Average Rental Per Month 

£683

£682

£695

£700

£703

£676

£694

£685


Key statistics

Oct 09

Nov 09

Dec 09

Jan 10

Feb 10

Mar 10

Apr 10

May 10

Average Rental Per Month 

£691

£684

£680

£685

£680

£680

£681

£682


FindaProperty - Rental Index Highlights

Key statistics

Q3 10

Average Rental Per Month 

£851

Average Rental Yield

4.69%

Key statistics

Oct 09

Nov 09

Dec 09

Jan 10

Feb 10

Mar 10

Apr 10

May 10**

Average Rental Per Month 

£830

£831

£820

£804

£814

£820

£826

£839

Average Rental Yield

4.53%

4.56%

4.52%

4.45%

4.5%

4.5%

4.54%

4.57%


** Note: This Index moved from a monthly to a quarterly index

Key statistics

Feb 09

Mar 09

Apr 09

May 09

Jun 09

Jul 09

Aug 09

Sep 09

Average Rental Per Month

£830

£827

£819

£819

£823

£825

£829

£829

Average Rental Yield

4.63%

4.65%

4.60%

4.56%

4.56%

4.55%

4.57%

4.56%



For more indepth rental market views, download Savills' Spotlight on Student Housing and the latest survey from the RICS and ARLA.

Links to useful Renting and Letting Reports

ARLA    RICS    RLA    NLA   

For more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit ABOUT US, see Kate on video and for media appearances, contact:

Sylvia Tidy-Harris
STH Management                    
Tel  +44 (0) 1530 263221
Mob  +44 (0) 7970 646872
Fax: +44 (0) 1530 264018

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